Macro Briefing: 12 March 2024

* US is world’s largest oil producer, again–leading output for sixth straight year
* JPMorgan CEO Jamie Dimon urges Fed to delay rate cuts
* Haiti’s prime minister resigns amid increasing violence
* Will China’s surging exports trigger a backlash in the West?
* US Small Business Optimism Index ticks down to 10-month low in February:

Gold has surged in 2024, but gold mining stocks are still playing catch-up relative to the precious metal. SPDR Gold Shares (GLD), an ETF that holds gold bullion, is up 5.7% year to date through Monday’s close (Mar. 11). Meanwhile, VanEck Gold Miners ETF (GDX), a portfolio of gold mining shares, is down 2.8% so far in 2024.